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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.5% - 9.5% | 10.0% |
| Terminal EBITDA Multiple | 6.3x - 8.3x | 7.3x |
| Fair Value | €80.16 - €107.61 | €93.63 |
| Upside | -11.6% - 18.7% | 3.3% |
| Select Revenue and EBITDA Forecast | ||||||
| (EUR in millions) | Input Projections | |||||
| Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 |
| Revenue | 46,571 | 47,170 | 48,875 | 50,914 | 53,299 | 55,189 |
| % Growth | -2.9% | 1.3% | 3.6% | 4.2% | 4.7% | 3.5% |
| EBITDA | 6,815 | 7,445 | 7,790 | 8,122 | 8,449 | 8,778 |
| % of Revenue | 14.6% | 15.8% | 15.9% | 16.0% | 15.9% | 15.9% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 7,445 | 7,790 | 8,122 | 8,449 | 8,778 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (2,024) | (2,132) | (2,083) | (1,978) | (2,112) | |
| EBIT | 5,421 | 5,659 | 6,039 | 6,471 | 6,666 | |
| Pro forma Taxes | (1,409) | (1,471) | (1,570) | (1,682) | (1,733) | |
| NOPAT | 3,827 | 4,011 | 4,188 | 4,469 | 4,789 | 4,933 |
| Capital Expenditures | (2,083) | (2,090) | (2,181) | (2,249) | (2,321) | (2,384) |
| NWC Investment | 35 | (15) | (44) | (52) | (61) | (49) |
| (+) D&A | 1,643 | 2,024 | 2,132 | 2,083 | 1,978 | 2,112 |
| Free Cash Flow | 3,423 | 3,930 | 4,094 | 4,250 | 4,384 | 4,613 |
| % Growth | 15% | 4% | 4% | 3% | 5% | |